The markets traded lower during the midday with the Dow falling 48 points to 20,894. Nasdaq dropped 26 points to 6,102.

Verizon topped AT&T's $95.63 per share bid for Straight Path Communications by offering $184 per share in stock to acquire the wireless spectrum holder. The offer price is approximately 17.8% below Straight Path's closing price yesterday but well above the price on April 7, which was the day before AT&T made its offer. Straight Path had accepted AT&T's acquisition offer but Verizon has agreed to pay a $38 million termination fee to its rival.

The Advocate General of the European Court of Justice issued an opinion that Uber should be classified as a transportation company rather than a digital service. The opinion is non-binding but if the European Court of Justice agrees, Uber will have to obtain appropriate licenses and abide by transportation regulations. The ride hailing service has consistently argued that it is a tech platform that provides a service to drivers and passengers rather than a transportation company.

Microsoft unveiled its Emma Watch that prevents the arm tremors that plague Parkinson's disease patients. The prototype "vibrates in a distinctive pattern to disrupt the feedback loop between the brain and the hand." The Emma Watch does not cure the neurological disease but it does help patients manage one of the symptoms.

The broader S&P 500 fell 9 points to 2,390. Bitcoin surged $100 to $1828